It is a mockery of contract law. My guts churn at the thought of how this will evolve going forward, especially if X becomes a source of commercial activity. It won't be your money you'll be spending, but X's money, so they can restrict your spending of it however they want, making a backdoor CBDC. And because of that people will be grateful for the grant of their own funds to them by X and their overlords. It's deeply chilling.
Edit: it actually contradicts it's claim of ownership of the accounts, calling them 'their accounts'. I can't believe courts are corrupt enough to let this shit slide.